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Fi360 ETF Target 2055 CIT
Fi360 ETF Target 2055 CIT
Fi360 ETF Target 2015 CIT
Fi360 ETF Target 2020 CIT
Fi360 ETF Target 2025 CIT
Fi360 ETF Target 2030 CIT
Fi360 ETF Target 2035 CIT
Fi360 ETF Target 2040 CIT
Fi360 ETF Target 2045 CIT
Fi360 ETF Target 2050 CIT
Fi360 ETF Target 2055 CIT
Fi360 ETF Target Income CIT
Pro-Mix® Conservative Term CIT
Pro-Mix® Extended Term CIT
Pro-Mix® Maximum Term CIT
Pro-Mix® Moderate Term CIT
Retirement Target 2015 CIT
Retirement Target 2020 CIT
Retirement Target 2025 CIT
Retirement Target 2030 CIT
Retirement Target 2035 CIT
Retirement Target 2040 CIT
Retirement Target 2045 CIT
Retirement Target 2050 CIT
Retirement Target 2055 CIT
Retirement Target 2060 CIT
Retirement Target Income CIT
The Fi360 ETF Target CITs are closed to new plans and will be closed to new investments from existing plans on 11/11/2019. The CITs will be liquidated on or around 11/14/2019.
Investment Objective
To provide capital growth and manage risk for investors planning to retire in or around the year indicated in the fund’s name.
Investment Strategy
Currently: The portfolio is currently invested in an aggressive, growth-oriented mix of securities that seeks to earn the long-term growth typically associated with the stock market. The portfolio is diversified primarily among multiple exchange-traded funds (ETFs) which provide exposure to various stock and fixed income issuers, markets, and sectors. Stock exposure can range from 78% - 98%.
Over Time: The portfolio’s investment mix will gradually become more conservative as the target date approaches and for several years after the target date. During the target year, the portfolio’s stock exposure can range from 25% - 55%. At five years after the target date and beyond, the focus will be on capital preservation, and stock exposure can range from 15% - 45%.
May be Appropriate for Investors
- Who plan to stop contributions and start periodic withdrawals around the year 2055. Such investors have time to withstand market volatility and can accept very significant fluctuations in current account value
- Who prefer to take advantage of professional management through a single, diversified investment portfolio that becomes more conservative over time
About Target Date Funds
A target date fund is a single investment portfolio designed to meet an investor’s changing needs over time. The fund gradually shifts from a more aggressive to a more conservative investment objective over the years to reflect an appropriate risk/return trade-off for the investor’s changing time horizon.
Daily Price
$18.12
Daily $ Change
-$0.02
Daily % Change
-0.11%
as of 08/22/2019
CUSIP
302027198
Inception Date
12/11/2012
This fund is only available for use within certain qualified employee benefit plans. As of 03/31/2018, the Manning & Napier Fi360 ETF Target CITs were named the MANNING & NAPIER GOAL® CITs. The name change to Manning & Napier Fi360 ETF Target CITs is effective 04/20/2018.
Important Documents
| Annual Report | |
| Applications & Forms |
Performance
As of 07/31/2019
YTD
15.73%
1 Year
4.85%
3 Year
9.41%
5 Year
7.22%
10 Year
---
Inception
(12/20/2010)
8.79%
Market Cycle
---
Performance through the inception date of the Manning & Napier Fi360 ETF Target Collective Investment Trust (CIT) Class U units is not the past performance of the Target CIT and is based on historical performance data for a target date separate account managed by Manning & Napier Advisors, LLC. Returns are net of the Class U expenses. Performance data reflects acquired fees and expenses incurred by and deducted from the daily net asset value of the underlying third party ETFs. Acquired ETF fees will vary due to the active management of the ETF allocations. The Target CIT will gradually become more conservative over time. Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year are annualized. Your investment may fluctuate in value and there is a potential for loss as well as profit.
Expense Ratio
| Gross | 0.91% |
| Net | 0.30%* |
*Includes Trustee Fee of 0.14% and estimated acquired fees and expenses of the underlying third party exchange-traded funds (ETFs) of 0.16% and reflects the Trustee’s contractual agreement to limit fees and voluntary agreement to reimburse certain expenses. Acquired ETF fees will vary due to the active management of the ETF allocations.
Underlying ETFs
As of 07/31/2019
| VANGUARD S&P 500 ETF | 49.74% |
| VANGUARD FTSE DEVELOPED MARKETS | 12.00% |
| VANGUARD EMERGING MARKET ETF | 5.69% |
| SPDR MSCI EAFE STRATEGICFACT | 4.61% |
| GOLDMAN SACHS ACTIVEBETA INT | 4.60% |
| SCHWAB US DVD EQUITY ETF | 4.48% |
| ISHARES BARCLAYS 7-10 YEAR 2.49800 | 4.33% |
| VANGUARD TOTAL BOND MARKET 2.31400 | 4.32% |
| VANGUARD MORTGAGE-BACKED SEC 1.54300 | 3.80% |
| VANGUARD SMALL-CAP ETF | 2.93% |
| VANGUARD ETF MIDCAP | 1.46% |
| VANGUARD INTERMEDIATE-TERM C 3.10000 | 1.21% |
| ISHARES SHORT TREASURY BOND 2.43200 | 0.83% |
Underlying exchange-traded funds list is unaudited.
Asset Allocation
As of 07/31/2019
| Stocks | 84.11% |
| Bonds | 14.24% |
| Cash | 1.65% |
Detailed Asset Class Allocation
As of 07/31/2019
| International Equities | 26.47% |
| Small Capitalization | 2.88% |
| Mid Capitalization | 1.44% |
| Large Capitalization | 53.33% |
| Intermediate Term Fixed Income | 13.42% |
| Short Term Fixed Income | 0.81% |
| Cash | 1.65% |
Due to rounding, the sum of the detailed asset class allocation categories may not equal the asset allocation totals provided above.
July Fund Holdings
As of 07/31/2019
| CUSIP | Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|---|
| 381430107 | GOLDMAN SACHS ACTIVEBETA INT | XX | 2,213 | $62,295.95 | |
| 464287440 | ISHARES BARCLAYS 7-10 YEAR 2.49800 | US | 533 | $58,560.71 | |
| 464288679 | ISHARES SHORT TREASURY BOND 2.43200 | US | 101 | $11,172.62 | |
| 78463X434 | SPDR MSCI EAFE STRATEGICFACT | XX | 1,005 | $62,440.65 | |
| 808524797 | SCHWAB US DVD EQUITY ETF | US | 1,123 | $60,585.85 | |
| 921937835 | VANGUARD TOTAL BOND MARKET 2.31400 | US | 704 | $58,432.00 | |
| 921943858 | VANGUARD FTSE DEVELOPED MARKETS | MUL | 3,976 | $162,459.36 | |
| 922042858 | VANGUARD EMERGING MARKET ETF | XX | 1,845 | $77,047.20 | |
| 92206C771 | VANGUARD MORTGAGE-BACKED SEC 1.54300 | US | 970 | $51,361.50 | |
| 92206C870 | VANGUARD INTERMEDIATE-TERM C 3.10000 | US | 182 | $16,349.06 | |
| 922908363 | VANGUARD S&P 500 ETF | US | 2,465 | $673,142.20 | |
| 922908629 | VANGUARD ETF MIDCAP | US | 117 | $19,813.95 | |
| 922908751 | VANGUARD SMALL-CAP ETF | US | 250 | $39,635.00 | |
| USD | US DOLLAR | US | 22,712.27 | $22,712.27 |
Based on the underlying investments. Investments will change over time and as the target fund gradually becomes more conservative.
A Word About Risk
Each Manning & Napier Fi360 ETF Target CIT is invested in approximately 15 - 25 ETFs, based on the Target CIT becoming increasingly conservative over time. Because the underlying ETFs invest in both stocks and bonds, the value of your investment will fluctuate in response to stock market movements and changes in interest rates. Investing in target date funds will also involve a number of other risks, including issuer-specific risk, foreign investment risk, and small-cap/mid-cap risk, as the underlying investments change over time. Principal value is not guaranteed at any time, including at the target date (the approximate year when an investor plans to stop contributions and start periodic withdrawals).
About The Fund Manager
Manning & Napier Advisors, LLC (Manning & Napier) provides investment advisory services to Exeter Trust Company, Trustee of the Manning & Napier Collective Investment Trust Funds. Manning & Napier is headquartered in Rochester, NY and has more than 45 years of experience managing life cycle investment objectives. The Firm’s active management approach focuses on participating in rising markets and, as important, helping to reduce the risk of large losses in sustained bear market periods. A team of investment analysts and professionals make all investment decisions in an effort to provide investors with strong risk-adjusted returns. <p></p> <p class="footnote">Manning & Napier uses proprietary screening in its ETF selection process, which now incorporates the fi360 Fiduciary Score® as one component. The fi360 Fiduciary Score is a peer percentile ranking of an investment against a set of quantitative due diligence criteria selected to reflect prudent fiduciary management. The fi360 Fiduciary Score should not be used as the sole source of information in an investment decision.</p>
The Fi360 ETF Target CITs are closed to new plans and will be closed to new investments from existing plans on 11/11/2019. The CITs will be liquidated on or around 11/14/2019.
Daily Price
$18.12
Daily $ Change
-$0.02
Daily % Change
-0.11%
as of 08/22/2019
CUSIP
302027198
Inception Date
12/11/2012
This fund is only available for use within certain qualified employee benefit plans. As of 03/31/2018, the Manning & Napier Fi360 ETF Target CITs were named the MANNING & NAPIER GOAL® CITs. The name change to Manning & Napier Fi360 ETF Target CITs is effective 04/20/2018.
Important Documents
| Annual Report | |
| Fact Sheet | |
| Applications & Forms |
Investment Objective
To provide capital growth and manage risk for investors planning to retire in or around the year indicated in the fund’s name.
Investment Strategy
Currently: The portfolio is currently invested in an aggressive, growth-oriented mix of securities that seeks to earn the long-term growth typically associated with the stock market. The portfolio is diversified primarily among multiple exchange-traded funds (ETFs) which provide exposure to various stock and fixed income issuers, markets, and sectors. Stock exposure can range from 78% - 98%.
Over Time: The portfolio’s investment mix will gradually become more conservative as the target date approaches and for several years after the target date. During the target year, the portfolio’s stock exposure can range from 25% - 55%. At five years after the target date and beyond, the focus will be on capital preservation, and stock exposure can range from 15% - 45%.
May be Appropriate for Investors
- Who plan to stop contributions and start periodic withdrawals around the year 2055. Such investors have time to withstand market volatility and can accept very significant fluctuations in current account value
- Who prefer to take advantage of professional management through a single, diversified investment portfolio that becomes more conservative over time
About Target Date Funds
A target date fund is a single investment portfolio designed to meet an investor’s changing needs over time. The fund gradually shifts from a more aggressive to a more conservative investment objective over the years to reflect an appropriate risk/return trade-off for the investor’s changing time horizon.
Performance
As of 07/31/2019
YTD
15.73%
1 Year
4.85%
3 Year
9.41%
5 Year
7.22%
10 Year
---
Inception
(12/20/2010)
8.79%
Market Cycle
---
Performance through the inception date of the Manning & Napier Fi360 ETF Target Collective Investment Trust (CIT) Class U units is not the past performance of the Target CIT and is based on historical performance data for a target date separate account managed by Manning & Napier Advisors, LLC. Returns are net of the Class U expenses. Performance data reflects acquired fees and expenses incurred by and deducted from the daily net asset value of the underlying third party ETFs. Acquired ETF fees will vary due to the active management of the ETF allocations. The Target CIT will gradually become more conservative over time. Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year are annualized. Your investment may fluctuate in value and there is a potential for loss as well as profit.
Expense Ratio
| Gross | 0.91% |
| Net | 0.30%* |
*Includes Trustee Fee of 0.14% and estimated acquired fees and expenses of the underlying third party exchange-traded funds (ETFs) of 0.16% and reflects the Trustee’s contractual agreement to limit fees and voluntary agreement to reimburse certain expenses. Acquired ETF fees will vary due to the active management of the ETF allocations.
Underlying ETFs
As of 07/31/2019
| VANGUARD S&P 500 ETF | 49.74% |
| VANGUARD FTSE DEVELOPED MARKETS | 12.00% |
| VANGUARD EMERGING MARKET ETF | 5.69% |
| SPDR MSCI EAFE STRATEGICFACT | 4.61% |
| GOLDMAN SACHS ACTIVEBETA INT | 4.60% |
| SCHWAB US DVD EQUITY ETF | 4.48% |
| ISHARES BARCLAYS 7-10 YEAR 2.49800 | 4.33% |
| VANGUARD TOTAL BOND MARKET 2.31400 | 4.32% |
| VANGUARD MORTGAGE-BACKED SEC 1.54300 | 3.80% |
| VANGUARD SMALL-CAP ETF | 2.93% |
| VANGUARD ETF MIDCAP | 1.46% |
| VANGUARD INTERMEDIATE-TERM C 3.10000 | 1.21% |
| ISHARES SHORT TREASURY BOND 2.43200 | 0.83% |
Underlying exchange-traded funds list is unaudited.
Asset Allocation
As of 07/31/2019
| Stocks | 84.11% | |
| Bonds | 14.24% | |
| Cash | 1.65% |
Detailed Asset Class Allocation
As of 07/31/2019
| International Equities | 26.47% | |
| Small Capitalization | 2.88% | |
| Mid Capitalization | 1.44% | |
| Large Capitalization | 53.33% | |
| Intermediate Term Fixed Income | 13.42% | |
| Short Term Fixed Income | 0.81% | |
| Cash | 1.65% |
Due to rounding, the sum of the detailed asset class allocation categories may not equal the asset allocation totals provided above.
July Fund Holdings
As of 07/31/2019
| CUSIP | Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|---|
| 381430107 | GOLDMAN SACHS ACTIVEBETA INT | XX | 2,213 | $62,295.95 | |
| 464287440 | ISHARES BARCLAYS 7-10 YEAR 2.49800 | US | 533 | $58,560.71 | |
| 464288679 | ISHARES SHORT TREASURY BOND 2.43200 | US | 101 | $11,172.62 | |
| 78463X434 | SPDR MSCI EAFE STRATEGICFACT | XX | 1,005 | $62,440.65 | |
| 808524797 | SCHWAB US DVD EQUITY ETF | US | 1,123 | $60,585.85 | |
| 921937835 | VANGUARD TOTAL BOND MARKET 2.31400 | US | 704 | $58,432.00 | |
| 921943858 | VANGUARD FTSE DEVELOPED MARKETS | MUL | 3,976 | $162,459.36 | |
| 922042858 | VANGUARD EMERGING MARKET ETF | XX | 1,845 | $77,047.20 | |
| 92206C771 | VANGUARD MORTGAGE-BACKED SEC 1.54300 | US | 970 | $51,361.50 | |
| 92206C870 | VANGUARD INTERMEDIATE-TERM C 3.10000 | US | 182 | $16,349.06 | |
| 922908363 | VANGUARD S&P 500 ETF | US | 2,465 | $673,142.20 | |
| 922908629 | VANGUARD ETF MIDCAP | US | 117 | $19,813.95 | |
| 922908751 | VANGUARD SMALL-CAP ETF | US | 250 | $39,635.00 | |
| USD | US DOLLAR | US | 22,712.27 | $22,712.27 |
Based on the underlying investments. Investments will change over time and as the target fund gradually becomes more conservative.
A Word About Risk
Each Manning & Napier Fi360 ETF Target CIT is invested in approximately 15 - 25 ETFs, based on the Target CIT becoming increasingly conservative over time. Because the underlying ETFs invest in both stocks and bonds, the value of your investment will fluctuate in response to stock market movements and changes in interest rates. Investing in target date funds will also involve a number of other risks, including issuer-specific risk, foreign investment risk, and small-cap/mid-cap risk, as the underlying investments change over time. Principal value is not guaranteed at any time, including at the target date (the approximate year when an investor plans to stop contributions and start periodic withdrawals).
About The Fund Manager
Manning & Napier Advisors, LLC (Manning & Napier) provides investment advisory services to Exeter Trust Company, Trustee of the Manning & Napier Collective Investment Trust Funds. Manning & Napier is headquartered in Rochester, NY and has more than 45 years of experience managing life cycle investment objectives. The Firm’s active management approach focuses on participating in rising markets and, as important, helping to reduce the risk of large losses in sustained bear market periods. A team of investment analysts and professionals make all investment decisions in an effort to provide investors with strong risk-adjusted returns. <p></p> <p class="footnote">Manning & Napier uses proprietary screening in its ETF selection process, which now incorporates the fi360 Fiduciary Score® as one component. The fi360 Fiduciary Score is a peer percentile ranking of an investment against a set of quantitative due diligence criteria selected to reflect prudent fiduciary management. The fi360 Fiduciary Score should not be used as the sole source of information in an investment decision.</p>
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